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Red River Bakery purchases land, building, and equipment for a single purchase price of $320,000. However, the estimated fair values of the land, building, and
Red River Bakery purchases land, building, and equipment for a single purchase price of $320,000. However, the estimated fair values of the land, building, and equipment are $147,000, $252,000, and $21,000, respectively, for a total estimated fair value of $420,000.
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Determine the amounts Red River should record in the separate accounts for the land, the building, and the equipment.
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